THE JPM PIERPONT EMERGING MARKETS DEBT FUND
Supplement dated 8/1/97 to the Prospectus dated 3/6/97:
1. The following replaces the last sentence under the caption "Purchase Price
and Settlement":
If the Fund or its agent receives a purchase order after 4:00 P.M. New York
time, the purchase is effective and is made at the net asset value determined on
the next business day. The settlement date is generally the business day after
the purchase is effective. The purchaser will begin to receive the daily
dividends on the settlement date. See Dividends and Distributions.
2. The following replaces the last sentence of the second paragraph under the
caption "Method of Redemption":
Proceeds of an effective redemption are deposited on the settlement date in
immediately available funds to the shareholder's account at Morgan or at his
Eligible Institution or, in the case of certain Morgan customers, are mailed by
check or wire transferred in accordance with the customer's instructions. The
redeemer will continue to receive dividends on these shares through the day
before the settlement date. The settlement date is generally the next business
day after a redemption is effective and, subject to Other Redemption Processing
Information below, in any event is within seven days. See Dividends and
Distributions.
3. The following replaces in its entirety the section entitled "Dividends and
Distributions":
The Fund intends to distribute substantially all of its net investment income.
The net investment income of the Fund is declared as a dividend daily
immediately prior to the determination of the net asset value of the Fund on
that day and paid monthly. If an investor's shares are redeemed during a month,
accrued but unpaid dividends are paid with the redemption proceeds. The net
investment income for the Fund for dividend purposes consists of its pro rata
share of the net income of the Portfolio less the Fund's expenses. Expenses of
the Fund and the Portfolio, including the fees payable to Morgan, are accrued
daily. Shares will accrue dividends as long as they are issued and outstanding.
Shares are issued and outstanding as of the settlement date of a purchase order
through the day before the settlement date of a redemption order.
Substantially all the realized net capital gains, if any, of the Fund are
declared and paid on an annual basis, except that an additional capital gains
distribution may be made in a given year to the extent necessary to avoid the
imposition of federal excise tax on the Fund. Dividends and distributions will
be payable to shareholders of record on the record date. The Fund's dividends
and distributions are paid in additional Fund shares unless the shareholder
elects to have them paid in cash. The tax treatment of dividends and
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distributions is the same whether they are paid in shares or cash. Cash
dividends and distributions are either (1) credited to the shareholder's account
at Morgan or the shareholder's Eligible Institution or (2) in the case of
certain Morgan clients, paid by a check mailed in accordance with the client's
instructions.
